Gazprom pledged to set gas prices in line with open Western European markets, allow clients to more frequently ask for price revisions and remove restrictions on reselling gas across borders, according to the European Commission, the EU’s executive body. The EU’s agreement with Gazprom drew fire from some member countries and risked stoking trans-Atlantic tensions by widening bilateral clashes on issues ranging from trade to foreign policy.

Russian gas giant Gazprom clinched a deal with EU antitrust regulators on Thursday to reform its pricing structure and allow rivals a foothold in eastern Europe, avoiding fines in a case that has dragged on for seven years. Europe's competition enforcer said Gazprom's concessions allay concerns of market abuse, ending the EU's longest running antitrust saga that began with dawn raids at 20 offices in 10 countries in 2011.

BRUSSELS (AP) — The European Union on Thursday imposed obligations on Russian state-owned energy giant Gazprom to improve the flow of gas at competitive prices in eastern EU nations, but did not fine the company.

Russia’s Gazprom has settled its seven-year antitrust case with Brussels, avoiding a fine by promising reforms that European officials hope will make the central and eastern European gas market more competitive. Margrethe Vestager, EU competition commissioner said: “Today’s decision removes obstacles created by Gazprom, which stand in the way of the free flow of gas in central and eastern Europe. The European Commission probe concerned the gas group’s alleged abuse of its dominance in the gas markets in Bulgaria, the Czech Republic, Estonia, Latvia, Lithuania, Poland, Hungary and Slovakia, which rely heavily on the company to meet their energy needs.

Russian gas giant Gazprom welcomed the European Union's decision settle its seven-year-long investigation of the firm without fines on Thursday. "We are satisfied with the commitments decision announced," Gazprom's Deputy Chief Executive Alexander Medvedev said in a statement. EU antitrust regulators ended a seven-year-long investigation into Gazprom on Thursday after the Russian gas giant agreed to reforms aimed at bringing down gas prices and allowing rivals a foothold in eastern Europe.

EU antitrust regulators ended a seven-year-long investigation into Gazprom on Thursday after the Russian gas giant agreed to reforms aimed at bringing down gas prices and allowing rivals a foothold in eastern Europe. The European Commission, which launched the case with dawn raids at 20 offices in 10 countries in 2011, said Gazprom's concessions addressed its concerns over excessive pricing in Bulgaria, Estonia, Latvia, Lithuania and Poland. The EU decision to accept Gazprom's pledges has allowed the company to avoid a possible fine of as much as 10 percent of its global turnover, a move criticised by several of the governments and utilities concerned by the case.

European Commissioner for Competition Margrethe Vestager will hold a news conference on Thursday to announce an antitrust decision, which is expected to be on Gazprom (GAZP.MM). The European Commission said in a statement that Vestager would hold a news conference, indicating it was likely to be at around 1200 CET (1000 GMT), on an antitrust decision, without specifying the subject. The Commission is expected to end a seven-year-long investigation into Gazprom after the Russian gas company agreed to reforms aimed at bringing down gas prices in eastern Europe and paving the way for rivals in the region.

European Commissioner for Competition Margrethe Vestager will hold a news conference on Thursday to announce an antitrust decision, which is expected to be on Gazprom (GAZP.MM). The European Commission said in a statement that Vestager would hold a news conference, indicating it was likely to be at around 1200 CET (1000 GMT), on an antitrust decision, without specifying the subject. The Commission is expected to end a seven-year-long investigation into Gazprom after the Russian gas company agreed to reforms aimed at bringing down gas prices in eastern Europe and paving the way for rivals in the region.

Russian oligarch Viktor Vekselberg, who has been placed under U.S. sanctions, has resumed talks about merging his power assets with Gazprom (GAZP.MM), three sources familiar with the talks told Reuters on Wednesday. Vekselberg's Renova Group has restarted discussions about merging its debt-burdened subsidiary T Plus with Gazprom Energoholding, the power unit of gas giant Gazprom, the sources said.

Back when he was New York's attorney general, Mr. Spitzer roasted equity analysts like Henry Blodget in the aftermath of the tech bubble for believing one thing privately about companies but saying another in published reports. Some 15 years later, an analyst at Russia’s largest bank, Sberbank, covering Russia’s largest company, Gazprom, has been fired for alleged ethics violations, according to bne Intellinews. Alex Fak had the temerity to write that some $93 billion in pipeline projects would benefit contractors tied to the Kremlin more than Gazprom’s shareholders.

Sberbank, the Kremlin-run lending giant, has decided it wants to be a tech company but it occasionally gets rude reminders that it is indeed still a bank, complete with a research team behind a Chinese wall. Fak - who worked at the FT on a three-month fellowship in 2004 - was asked to resign after publishing a report that opined state gas monopoly Gazprom was ignoring its bottom line and benefiting its top contractors, including companies owned by Putin’s friends. Fak went on to argue that Gazprom had abandoned other, cheaper capex projects that would have limited contractors’ ability to profit.

Nord Stream 2, the planned Russian natural gas pipeline to Germany across the floor of the Baltic Sea, is the latest front in the growing conflict between Europe and the U.S. The Wall Street Journal reported Thursday that President Donald Trump is demanding that Germany drop Nord Stream 2 as one of the conditions of a trade deal with Europe that wouldn't include high tariffs on steel and aluminum. The U.S. has long been opposed to the pipeline, citing Europe’s energy independence and the needs of Ukraine, whose role in gas transit from Russia would be undermined by the new route.

Germany brushed aside U.S. concerns about a major natural gas pipeline that will deliver Russian gas to Europe, suggesting President Donald Trump’s administration appears to be protecting its own interests. German Economy Minister Peter Altmaier defended the planned Nord Stream 2 pipeline as Chancellor Angela Merkel meets President Vladimir Putin in Russia. Yesterday, the U.S. warned it may impose sanctions to prevent Russia’s gas export monopoly Gazprom PJSC from completing the Nord Stream 2 link under the Baltic Sea.

Russian gas giant Gazprom said on Thursday it had raised a 600 million euro loan from France's Credit Agricole CIB. The five-year loan is the first financing raised by Gazprom since its head Alexei Miller ...

Norway is not happy with an asset swap deal between Austria's OMV (OMV.VI) and Gazprom (GAZP.MM) that would give the Russian gas giant access to the Norwegian continental shelf, the minister in charge of approving the deal has told Reuters in Norway's first comments on the matter. "We have said we are not happy for this deal because we want to have diversified supplies for gas to Europe," Energy Minister Terje Soeviknes said in an interview. "That is important for the Europeans, to know that they have Norway as a stable producer.

Norway is not happy with an asset swap deal between Austria's OMV (OMV.VI) and Gazprom (GAZP.MM) that would give the Russian gas giant access to the Norwegian continental shelf, the minister in charge of approving the deal has told Reuters in Norway's first comments on the matter. "We have said we are not happy for this deal because we want to have diversified supplies for gas to Europe," Energy Minister Terje Soeviknes said in an interview. "That is important for the Europeans, to know that they have Norway as a stable producer.

The agreement, which Brussels will unveil next week, will end a seven-year European Commission probe into Gazprom’s conduct in Bulgaria, the Czech Republic, Estonia, Latvia, Lithuania, Poland, Hungary and Slovakia, which rely heavily on the company to meet their energy needs.

EU regulators will settle their antitrust case with Gazprom (GAZP.MM) by next week, people close to the matter said on Monday, after the Russian energy giant pledged to change its pricing structure and allow rivals a foothold in eastern Europe. The European Commission is due to announce the deal on May 24, one source said, ending one of its longest running competition cases that began with dawn raids at 20 offices in 10 countries in 2011 when investigators seized over 150,000 documents. Two other sources said the EU decision on Gazprom, the EU's biggest gas supplier, could come this week or next.

EU regulators will settle their antitrust case with Gazprom (GAZP.MM) by next week, people close to the matter said on Monday, after the Russian energy giant pledged to change its pricing structure and allow rivals a foothold in eastern Europe. The European Commission is due to announce the deal on May 24, one source said, ending one of its longest running competition cases that began with dawn raids at 20 offices in 10 countries in 2011 when investigators seized over 150,000 documents. Two other sources said the EU decision on Gazprom, the EU's biggest gas supplier, could come this week or next.